LaSalle Acquires Purpose-Built Student Housing Community Near Michigan State University

CHICAGO, June 11, 2026 /PRNewswire/ -- LaSalle Investment Management ("LaSalle"), the global real estate investment manager, today announced the acquisition of Red Cedar Flats, a 190-unit, 436-bed purpose-built student housing community located within walking distance to Michigan State University in East Lansing, Michigan. LaSalle acquired the property on behalf of LaSalle Value Partners IX ("LVP IX"), alongside joint venture partners King Bridge Partners and Clear Rock Capital.

Completed in 2017-2021, Red Cedar Flats is strategically positioned to serve Michigan State University's student population. The acquisition represents LVP IX's first investment in the student housing sector and reflects the fund's continued focus on identifying value-add opportunities across compelling real estate sectors.

Jeff Shuster, President of LaSalle Value Partners, said: "Student housing is an attractive residential subsector, particularly for newer, campus-adjacent assets at large universities experiencing enrollment growth, limited new development and constrained housing options. Red Cedar Flats is a well-located, high-quality asset that fits this thesis.  The property was acquired below replacement cost with in-place cash flow and represents an attractive opportunity to generate strong risk-adjusted returns for our investors."

The acquisition expands LVP IX's "living" sector portfolio and complements the fund's other value-add investments across industrial, residential, and healthcare. Record enrollment at Michigan State University underscores the strength of demand supporting the asset.

Joseph Paskov, Senior Vice President of LaSalle Value Partners, added: "This acquisition reflects the broader team's ability to source differentiated investments through targeted relationships that offer compelling returns relative to the risk profile. We continue to see interesting opportunities in the student housing sector that align with our value-add strategy and offer measurable downside protection."

Leading student housing operator University Partners will provide property management and co-asset management services.

About LaSalle Investment Management | Investing Today. For Tomorrow.
LaSalle Investment Management, a subsidiary of JLL, is a globally integrated, diverse real estate investment manager. On a global basis, LaSalle manages US$86.9 billion of assets in private and public real estate equity and debt investments as of Q4 2025. LaSalle's client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a diverse range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.

For more information, please visit www.lasalle.com, and LinkedIn.

Media Contacts:

Alissa Schachter
LaSalle Investment Management
[email protected] 
+1-312-339-0625

Doug Allen
Dukas Linden Public Relations
[email protected] 
+1-646-722-6530

SOURCE LaSalle Investment Management